Mumbai: Benchmark Sensex on Tuesday slipped from record high to end lower at 31,711 by falling 364 points after a steep plunge in ITC Ltd stocks after the goods and services tax (GST) council on Monday hiked tax on cigarettes.

Besides, the broader Nifty also cracked below the 9,900 mark. Sentiment was hurt after the GST Council raised the tax on cigarettes to take away an estimated Rs5,000 crore annual “windfall” manufacturers could have reaped from lower GST rates. The market was also pulled down by negative European and mixed Asian peers as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.

Shares of ITC Ltd emerged worst performer among the Sensex and Nifty components by crashing 12.63% to Rs284.60 on the BSE. Other cigarette stocks, Godfrey Phillips and VST Industries, also tanked by up to 7.83%.

■ 1.08pm: Top Sensex losers are ITC Ltd, Reliance Industries (RIL) and NTPC with losses to the tune of 12%, 2.29%, and 0.56%. The major gainers were Asian Paint, Tata Steel and DrReddys with profits to the tune of 1.73%, 1.50% and 1.28%, respectively.

■ 9.55am: ACC Ltd rose 2% to Rs 1784.90 after the company reported a jump in standalone net profit for the quarter ended June, beating analyst estimates.Net profit rose to Rs321.75 crore, a 32.7% increase from the year-earlier period, on a 20.5% rise in revenue to Rs3,958.6 crore.

■ 9.45am: Jubilant FoodWorks Ltd rose 2% to Rs 1300.50 after the company said its standalone profit increased 26% to Rs23.8 crore in the quarter ended 30 June from Rs18.9 crore a year earlier, backed by the best same stores-level growth at the pizza chain in two years.